This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Premier Exhibitions Reports Third Quarter 2013 Results

Stocks in this article: PRXI

ATLANTA, Jan. 9, 2013 (GLOBE NEWSWIRE) -- Premier Exhibitions, Inc. (Nasdaq:PRXI), a leading presenter of museum-quality touring exhibitions around the world, today announced financial results for the third quarter ended November 30, 2012.

Comparing the third fiscal quarter ending November 30, 2012 with the prior year third fiscal quarter:

  • Total revenue increased 27.1% to $7.9 million compared to $6.2 million in the third quarter of fiscal 2012. The growth in overall revenue was primarily due to higher merchandise revenue, which was driven by the assets and merchandising rights purchased from Exhibit Merchandising, LLC, an increase in venue attendance and increase in the average merchandise expenditure per ticket sold. These improvements in total revenue were offset partially by the continuing Hurricane Sandy-related shutdown of our semi-permanent exhibitions at The South Street Seaport location in New York City, which is estimated to have decreased exhibition revenue by approximately $0.4 million based on comparable results for the same period of fiscal 2012.
  • Gross profit increased 53.9% to $3.5 million from $2.3 million in last year's third fiscal quarter, primarily due to the increase in merchandise revenues and the increase in management fee revenues for the exhibitions acquired from AEI. In addition, gross margins improved to 44.1% from 36.4% in the prior year.
  • Net loss was $(0.6) million, or $(0.01) per diluted share, compared to a net loss of $(2.2) million, or $(0.05) per diluted share in last year's third fiscal quarter.
  • Adjusted EBITDA, a non-GAAP measure (1), was $0.7 million, an increase of $1.8 million from the prior year results.
  • Total exhibition days were relatively flat at 1,246 as compared to 1,244 in the third fiscal quarter of 2012.
  • Average attendance per exhibition day increased 31.3% to 399 from last year's third fiscal quarter.
  • Average ticket prices decreased 2.9% to $16.00, compared to an average ticket price of $16.48 in the third quarter of fiscal 2012. The decline in average ticket price was not related to discounting activity, but rather the result of the economics of venues currently presenting along with the mix of touring and stationary exhibitions.
  • General and administrative expenses decreased 6.0% to $3.3 million, compared with $3.5 million in last year's third fiscal quarter. The Company incurred lower legal and other professional fees and office expense that were only partially offset by higher compensation related expenses.
  • On November 30, 2012, the Company had total cash and marketable securities of $6.6 million.

Michael Little, Premier's Chief Financial Officer and Chief Operating Officer, stated, "Our ability to successfully manage the seasonally slow third quarter will enhance our ability to be profitable on an annual basis for the first time in many years. We made substantial progress in expanding our merchandise business through acquisition and organic growth, and despite the impact of Hurricane Sandy, our exhibition portfolio proved its resiliency primarily through a sharp increase in daily attendance. Stronger revenue growth also enabled us to demonstrate the leverage opportunities afforded by our business model, as evidenced by significant improvements in gross profit and adjusted EBITDA compared to the year-ago period. Our primary operational objective is achieving sustainable long-term profitability as a standalone enterprise."

1 of 4

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,804.80 +26.65 0.15%
S&P 500 2,070.65 +9.42 0.46%
NASDAQ 4,765.38 +16.9840 0.36%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs